Creating Greater Success in Succession Planning

Abstract

The problem and the solution .The prevalence of formalized succession planning practices in organizations appears to be increasing, largely due to changing demographic and related trends. However, many organization leaders report low levels of confidence in their succession planning systems and processes. Best succession and talent management practices can help organizations achieve significant benefits, including improved financial performance. A practical, five-step approach to succession planning is proposed that incorporates both best practices and an innovative application of role theory. The approach should help organizations look to and prepare for the future more effectively, including better specifying the future requirements they will have for their leaders. Implications for human resource development (HRD) professionals and recommendations for further research are discussed.